Chief technical officer of Casa: The rise of Bitcoin NFT art is caused by the low price of block space caused by the cryptobear market
It is reported that Jameson Lopp, chief technical officer of Casa, a Bitcoin custody company, said that the rise of Bitcoin NFT was caused by the cryptobear market. Since the price of Bitcoin has been at a low level, the price of Bitcoin blockspace is low. If in a bull market, the expensive transaction fee will make the Ordinals agreement pay thousands of dollars to cast Bitcoin NFT, so more people will choose to give up. Jameson Lopp also said that NFT art is quite stupid and has never issued the value of modern monetization art, and is not willing to spend tens of thousands of dollars to buy things. （decrypt）
Interpretation of this information:
Jameson Lopp, the CTO of a Bitcoin custody company called Casa, has stated that the rise of Bitcoin NFTs can be attributed to the current cryptobear market. Lopp argues that due to the low price of Bitcoin, the cost of Bitcoin blockspace is also low. If this were a bull market, transaction fees would be expensive, and the costs of casting Bitcoin NFTs would be high enough to discourage many people. Therefore, the current market conditions are making it easier for people to create and sell Bitcoin NFTs. Furthermore, Lopp believes that the art value of Bitcoin NFTs is quite questionable, as they do not possess the same value as modern monetization art. He argues that most people are not willing to spend thousands of dollars to buy NFT art.
Lopp’s analysis reveals some interesting aspects about the current state of the Bitcoin market and how it influences the creation and sale of NFTs. The current bear market has definitely impacted the market for NFTs. Because the costs of casting NFTs are much lower now, more people are willing to create and sell them. However, the question of the intrinsic value of NFT art is still quite uncertain. Even though some people are willing to spend large amounts of money on NFTs, most people still do not see them as a valuable investment.
This article and pictures are from the Internet and do not represent 96Coin's position. If you infringe, please contact us to delete:https://www.96coin.com/43342.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.